Skip to main content

New LPS Offering Assists Servicers With CFPB Compliance

Oct 29, 2013

Lender Processing Services Inc. (LPS) has announced the launch of its Error Resolution Tracking solution, a tool designed to assist mortgage servicers in meeting new Consumer Financial Protection Bureau (CFPB) requirements for recording, tracking and responding to consumer complaints regarding possible errors with their loans. LPS can quickly implement Error Resolution Tracking to help servicers meet the CFPB's compliance deadline of Jan. 10, 2014. "With the CFPB's deadline fast approaching, servicers are looking for solutions that can be implemented quickly to help them enhance compliance and control," said Joe Nackashi, CIO and executive vice president of the LPS Servicing Solutions and Technology division. "Error Resolution Tracking delivers highly efficient capabilities for servicers to gain more control over processes, provide a timely response to their borrowers and be better prepared to respond to new CFPB regulatory requirements." Using servicer-defined parameters within the configurable settings in its logic and workflow, Error Resolution Tracking links incoming borrower correspondence with the loan number in LPS' MSP servicing platform and assigns the borrower inquiry to the appropriate work queue for immediate action. To help streamline servicer response time, the solution auto-generates an initial response to the borrower acknowledging receipt of their complaint, and also preserves an audit trail of all borrower correspondence received and sent. If the servicer determines more time is needed to respond to a borrower's inquiry, the Error Resolution Tracking solution auto-generates an extension notification to the borrower.
About the author
Published
Oct 29, 2013
Some Question Lenders’ And Others’ Readiness To Use VantageScore 4.0

Following FHFA announcement Tuesday, doubts arise regarding potential changes that may be needed to move to VantageScore credit scoring

HUD Freezes Foreclosures On FHA Mortgages In Texas Flood Zone

Kerr County homeowners among hardest hit in disaster that’s claimed more than 100 lives

Jul 09, 2025
Fannie, Freddie Now Allow Lenders To Use VantageScore 4.0

Lenders will keep tri-merge credit scoring model; what this shift means

President Trump Signs Big Beautiful Bill — Here's What It Means For Mortgage And Housing

What you need to know about the law as a mortgage professional and share with your clients

FHFA Chief Officially Calls For Investigation Of Federal Reserve Chairman Powell

Alleges Powell lied in testimony to Congress regarding Fed building renovations, says Fed Chair should be fired

BBB Will Impact Homeowners, Buyers

U.S. House and Senate must agree on certain tax, mortgage insurance premium deductions